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Article » UFXBank Daily Review - April 19, 2010
UFXBank Daily Review - April 19, 2010
Apr 19 2010, 04:39


Daily Review 19/04/2010 



USD Dollar (USD) – The Dollar strengthened against most majors after news on Friday that Goldman Sachs has been charged with fraud by Securities and Exchange Commission caused an immediate fall in stocks and commodities, thus spearing investors to buy the Dollar as a refuge. NASDAQ and Dow Jones weakened by 1.37% and 1.13% respectively. Crude oil fell by 2.4% closing at 84.6$ a barrel and Gold (XAU) also dropped by 2.0% closing at 1136.9$ an ounce. Today, Fed Chairman Bernanke Speaks.



EURO (EUR) –
The Euro weakened against the Dollar on speculation that Goldman Sachs will be charged with fraud. European CPI that came worse than expected at 1.4% vs. 1.5% also helped the momentum and lead investors to sell the Euro versus the Dollar.  The main resistance is located at 1.3500. As long as it trades below this level the momentum is bearish. Overall, EUR/USD traded with a low of 1.3472 and with a high of 1.3566.

EUR/USD – Last: 1.3451



Resistance  
  1.3510    1.3565    1.3695

Support    1.3440    1.3360    1.3340



EURUSD



British Pound (GBP) – The Pound fell against the Dollar after the investigation of Goldman Sachs Group which brought investor to buy the Dollar as a refuge. The GBP/USD has broken the main support at 1.5350 levels and crossed downwards the 10 moving average therefore the momentum is bearish. Overall, GBP/USD traded with a low of 1.5360 and with a high of 1.5474.

 GBP/USD - Last: 1.5250



Resistance    1.5310    1.5450    1.5525

Support    1.5240       



GBPUSD



Japanese Yen (JPY) –The Yen strengthened against all majors as speculation China may take further steps to slow its economy and Greece may trigger a $61 billion rescue package spurred demand for relative safety. As long the USD/JPY traded below 92.20 a short positions is preferred. Overall, USD/JPY traded with a low of 91.90 and with a high of 93.93.12.

USD/JPY-Last: 92.06



Resistance    92.55    93.50    93.70

Support    91.80       



USDJPY



Canadian dollar (CAD) – The Canadian Dollar dropped the most in seven weeks versus the Dollar as stocks tumbled after the Securities and Exchange Commission sued Goldman Sachs Group Inc. USD/CAD has broken the resistance at  1.0100 as long it trades above this level a long positions is preferred. Overall, USD/CAD traded with a low of 1.0003 and with a high of 1.0164. Today, Foreign Securities Purchases are expected to weak from 11.83B to 8.65B.

 USD/CAD - Last: 1.0161



Resistance    1.0165       

Support    1.0088    1.0000    0.9950



USDCAD





 


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Interview
with Matthew Sheppard
Senior Forex
Advisor at XForex


1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?
In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

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We deal with clients on all levels from the beginning stages to the more advanced trading levels.

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My advice to the beginning trader entering the Forex world is as follows:
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• Invest smartly and calculate your risks
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